I think I may have a better visualization for that [1].
But I definitely agree. Differences in prices come from fees and how hard and expensive it is to get cash from one exchange to another. Plus most exchanges offer preferential fees for bigger players so when you are just starting you are already at disadvantage.
One need to also consider order books not just the price difference (I also have a chart! [2]). Price difference may be 10% but there may be 0.01BTC in order book within that difference. Or if you just look at the price of the last trade, there may actually be nothing in order book to arbitrage against.
There may be some window to make money when there are really big price changes and basically those who do the arbitrage run out of money on one side (fiat is slow to move). But then you have to deal with high volatility.
One need to also consider order books not just the price difference (I also have a chart! [2]). Price difference may be 10% but there may be 0.01BTC in order book within that difference. Or if you just look at the price of the last trade, there may actually be nothing in order book to arbitrage against.
There may be some window to make money when there are really big price changes and basically those who do the arbitrage run out of money on one side (fiat is slow to move). But then you have to deal with high volatility.
1. https://data.bitcoinity.org/markets/arbitrage/USD
2. https://data.bitcoinity.org/markets/books/USD